A few guineas

The U.S. oil giant’s $2.3 bln offer for Papua-focused gas explorer InterOil topped an earlier approach from rival energy group Oil Search. Though it’s Exxon’s biggest swoop since crude prices crashed, it looks more like opportunism than a catalyst for an impending deal wave.

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Exxon Mobil on July 17 launched a bidding war over InterOil, a Papua New Guinea-focused gas explorer. InterOil said Exxon had offered $45 per InterOil share, or around $2.3 billion, for the company, plus a cash bonus if InterOil's Elk-Antelope gas field is found to contain more than 6.2 trillion cubic feet of gas. InterOil in May agreed to be acquired by Oil Search for roughly $40.25 per share plus a smaller cash bonus tied to the size of the Elk-Antelope reserves.

InterOil on July 18 deemed the Exxon proposal superior to the earlier bid from rival Oil Search. Oil Search has until July 21 to submit a counter-offer.